By Vipin Agnihotri
Indian Finance Minister P Chidambaram will present this year budget on February 29. The India Street wants to give you some exclusive information regarding the budget.
First and foremost, I am quite sure that income tax payers will get huge relief in the Budget. This is because of the simple reason that government is preparing itself to convince the middle class in the election year.
Secondly, real estate sector is likely to witness more action this year. Initial signs are that this year budget may bring some good news for housing project developers. Indian Finance Minister may increase the sunset clause for housing projects, which is completing on March 31, 2008.
If you are interested in purchasing a high end music system, a plasma TV, a big refrigerator or an air-conditioner, wait till the Budget because finance minister is all set to minimize excise duty on few of these goods in order to increase consumer spending.
For senior citizens, Mr P Chidambaram is likely exempt tax on rental income. Point to be noted here is that the National Housing and Habitat Policy also supports a hike in tax exemption limit for rental income. In case if the proposal is passed in the Budget, millions of unoccupied houses will be open for people seeking rental accommodation.
Last but not the least, agriculture sector that forms the core of the Indian economy is going to be top priority for finance minister. The Indian government plans to achieve a growth of 4 per cent from the agriculture sector, up from the projected 2.6 per cent in 2007-08.
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Indian Real estate sector which is at its peak these days has become one of the largest employment generating industry in India is awaiting for the Union Budget for various issues like simplification of income tax structure, service tax reduction and FDI-related issues clarifications.The real estate industry is deeply intertwined to the finance minister’s policies. Experts and key industry analysts predict that the industries plans in relation to sectoral concepts such as rental housing, and real estate investment trusts (REITs) to make housing more affordable for common man and help the industry raise more funds will rely a lot on the policy initiatives.
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